Originally published on: September 16, 2024
Bybit, the world’s second-largest crypto exchange based on derivatives volume, has recently obtained a provisional license in Dubai, marking a significant milestone for the company’s global expansion strategy. Two years after establishing its headquarters in the city, this centralized crypto exchange (CEX) has been granted a non-operational license from the Virtual Asset Regulatory Authority (VARA).
Helen Liu, Bybit’s Chief Operating Officer, emphasized the importance of this new license, stating that it paves the way for Bybit to cater to both retail and institutional investors in Dubai. She highlighted Dubai’s growing reputation as a blockchain hub with crypto-friendly regulations, attracting an increasing number of crypto companies to the region.
While the provisional license allows Bybit to operate in Dubai, the exchange is actively working towards obtaining a full operational license. Bybit relocated its headquarters to Dubai in 2022 and recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC), solidifying its role as a key advisory partner.
Dubai’s regulatory environment has been evolving rapidly to attract more crypto and Web3 firms seeking favorable regulatory regimes. The city’s recognition of salary payments in crypto under employment contracts and the Central Bank of the UAE’s approval of a stablecoin licensing system demonstrate the growing acceptance of digital assets in the region.
By securing a provisional crypto license in Dubai, Bybit joins a growing list of crypto firms expanding their presence in the city. This move underscores Dubai’s commitment to fostering innovation and growth in the crypto industry, making it an attractive destination for companies seeking crypto-friendly regulations and a supportive ecosystem.
